After a year-long effort and multiple setbacks, the Terrorism Risk Insurance Act program has passed both chambers and has been sent to President Barack Obama, who is expected to sign the legislation into law.
TRIA expired on Dec. 31 after the Senate failed to authorize the bill in December when retiring Sen. Tom Coburn placed a hold on it, objecting to provisions that created the National Association of Registered Agents and Brokers (NARAB II), a national insurance licensing group designed to streamline multi-state licensing.
The House repassed H.R. 26, keeping the NARAB language, on Wednesday with a bipartisam 416-5 vote. Showing agreement, the Senate approved the bill today with a 93-4 vote.
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